The Aberdeen-based firm, which is also a member of the the PKF International network, saw turnover increase from £33.4m to £36.8m for the year ended 31 May 2014. However, there was only a modest rise in net profit before member’s remuneration, which is up to £10.75m compared with £10.57m last year.

Sandy Manson, chief executive of Johnston Carmichael, said: ‘The last financial year was one of record investment in our business. We hired more people than ever before taking our total headcount to beyond 600 as we increased the capability of every part of our business. While this investment has impacted our short-term profitability, we now have an ever stronger platform.’

In 2012 the firm merged with Ritson Smith and Manson said he remained ‘open minded about exploring further mergers with like-minded firms.’

Manson reported strong revenue growth from corporate finance work across Scotland, while the firm’s wealth advisory business broke through the £3m revenue barrier for the first time. 

‘Following the Referendum and the Smith Commission report, it will be a time of important change as more powers are devolved to Scotland.

'At a time when the economic recovery is gaining traction, it’s more important than ever that we are able to efficiently and effectively guide our clients through the fiscal and other changes which will follow.

'We see tremendous opportunities in the years ahead for a large independent firm like ourselves in Scotland with the additional global reach we can offer through our affiliation with PKF,’ Manson said.

Johnston Carmichael is ranked as the 18th largest accountancy firm in the UK in the Accountancy annual top 75 firms survey. For more information, click here